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Lets start a new thread since the last one went off track.
Dubai World Trade Centre (DWTC) laid off 108 employees on Thursday as a result of the global economic downturn, the company has announced.

K-Dog wrote:Lets start a new thread since the last one went off track.
Dubai World Trade Centre (DWTC) laid off 108 employees on Thursday as a result of the global economic downturn, the company has announced.

I heard 75% of staff from RMJM Consultants.

@TS
Can you post an updated list of the sacking bag?

ArchitectRoel wrote:@TS
Can you post an updated list of the sacking bag?

You can also contibrute

Atlantis cuts 70 jobs, Jumeirah to reduce staff

JOBS CUT: Seventy jobs have been lost at luxury hotel Atlantis while the Jumeirah Group is also looking at reducing staff numbers.Luxury Dubai hotel Atlantis, which opened last year with a $20 million party, has announced that 70 staff have lost their jobs.

K-Dog wrote:Atlantis cuts 70 jobs, Jumeirah to reduce staff

JOBS CUT: Seventy jobs have been lost at luxury hotel Atlantis while the Jumeirah Group is also looking at reducing staff numbers.Luxury Dubai hotel Atlantis, which opened last year with a $20 million party, has announced that 70 staff have lost their jobs.

Jumeirah to cut 100 jobs we just heard, also Dubai Holdings to announce by end of week.

I hear from my Indian "junior-staffer" friend that Lamprell cut 60 Brit execs. Then he himself got fired. He hasn't been paid or gone to work for the past month. They will cancel his JAFZA visa at the end of this month and 'deport' him the same day. Being a typical Indian, he doesn't even know he is entitled to various payouts by law, including his last salary.

K-Dog wrote:Lets start a new thread since the last one went off track.
Dubai World Trade Centre (DWTC) laid off 108 employees on Thursday as a result of the global economic downturn, the company has announced.

Re Consultancy firms, H......W sacked 150 last week, W......S 60 this week, A.....S 50% gone home last month , M...L 60% reduction, B....S LL 75 staying home watching TV and smoke, like me! senior project director - very experienced in TV programs as present

Guys, I am trying to maintain a global layoff track at dailyrecession[dot]com

All the help in reporting (authentic) job cuts and recession-related news will be highly appreciated.

yea man the companies in uae are crumbling

Well, the issue of 1500 visa cancellations per day is history. It gets worse, see the link for more information;

http://www.arabianbusiness.com/546348-d ... l-figures-

Brrrr...there's a chilly wind passing through Dubai

RobbyG wrote:Well, the issue of 1500 visa cancellations per day is history. It gets worse, see the link for more information;

http://www.arabianbusiness.com/546348-d ... l-figures-

Brrrr...there's a chilly wind passing through Dubai

For some this is true.

US subsidiary of Emaar Properties - has filed for Chapter 11 bankrupcy protection, claiming between $500 million and $1 billion in debts.

1010 layoffs

http://www.arabianbusiness.com/547416-e ... er-11-move

I don't understand this. How does a company like bloody Emaar get into financial trouble after being one of the biggest real estate companies in one of the fastest growing cities during an historic boom period?

The should have made billions from selling the properties they constructed. What happened to the money? Sure in the last few months it might be expected that profits would slow, but huge lay-offs and subsidiary bankruptcy? Come on.

Doesn't anyone do simple risk analysis and realise that a 20% drop in sales or whatever will result in complete financial ruin, and maybe plan for that? It's just greed that put these companies in the position they are in now. A multi-billion dollar company backed by a diversified portfolio and cash reserves should be able to handle a couple of bad years at least.

We're only a few months into this crisis and they're dropping like flies.

Captain, Its very simple actually.

The Arab world learned to use capitalism with help of the United States. They hired all those MBA financial expats initially from Wallstreet America and you know how that ends.
Now handling another ones money is easy, and getting a bonus for investment targets looks easy too. But the problem with developers like Emaar is they use massive leverage to fund their boom of projects. There lies the problem.

The first project is not even completed and they already fund the next one with proposed earnings from the projected sales valuation reports they set up. So its simply a margin money expansion policy like the US government uses to fund the housing boom of 2002 to 2007. And its the same like they do now, with those bailouts. Borrow more money from foreign governments and try to get the spending going...propping up values so the real losses are covered.

Unfortunately for Emaar and companies alike, they are not in possession of a printing press, let alone a world reserve currency that everybody wants when every other asset in the world comes down...

edit: For Captain
http://www.youtube.com/watch?v=67dYh4UQ ... re=related

Dutco Balfour Beatty last week laid off 5000 people.

Taisei laid off approx 1000 last week.

RobbyG wrote:Captain, Its very simple actually.

edit: For Captain
http://www.youtube.com/watch?v=67dYh4UQ ... re=related

Cheers for that link Robby. That video pretty much says it all. It was risk, but risk with huge profits. But the law of averages says that you can't continue to gamble and win every time. They're losing now, and haven't put away the cash to let them ride it out.

BTW: 27 seconds in, my building is the yellow one on the left. ha! Built in 2005 though, so it's old.

Wow Cap, thats a nice building to live in. Are you on rent or on mortgage?

ps; Check topic about villa prices down 45% for more video's about the current downturn in Dubai property market from different perspectives.

Cheers. Nice building to live in, except there is a dispute between the owners, the agents and the building maintenance people so the f*ckers wont fix my leaking toilet until the fees are paid. God, nothing is simple in this country.

Oh, and I'm renting a 1 bedroom. 120K but with nice view of the palm. As much as I wish goodwill towards those losing their jobs, I'm also hoping for a property collapse, just so I can get cheaper rent when I renew in June. Hit the floor baby!

What a load of B.S.!!!!!!! I love the fact that the "official" Nakheel figure still stands at 500. In reality it's 5-6 times that. And Meeras is refusing to release that info


http://www.arabianbusiness.com/547452-cccc

Job losses in Dubai construction top 3,500
by Jamie Stewart on Saturday, 21 February 2009

GROWING REDUNDANCIES: The official number of job losses in Dubai construction industry has topped 3,500. (Getty Images)The number of official job losses in Dubai's construction industry in the past three months has shot past the 3,500 mark, it was revealed on Saturday.

The figure, compiled by Construction Week, covers official announcements only and the actual number of redundancies is believed to be substantially higher.

The figure also does not include job losses in directly related fields such as real estate, building supplies and PMV.

To date 3,533 jobs in Dubai's construction industry have been lost.

The sector has been rocked by plummeting demand for real estate as investors the world over struggle to raise the finance required for the purchase of property, due to the inability of banks to lend in the current financial climate.

Al Shafar General Contracting was among the worst affected, announcing the loss of up to 1,000 jobs last December.

Nakheel was also heavily hit with 500 official redundancies during the same month.

Consultant WS Atkins has trimmed its numbers by 210, while Dubai Labour Supply Company (Dulsco) let go of 800 workers in two batches.

Many other developers, including Meraas, which is overseeing the $95bn (AED350bn) Jumeirah Gardens development, unveiled at last year's Cityscape Dubai, has admitted that redundancies have been made, but has not released figures.

Firms have also said they have been forced to relocate staff to projects in other GCC countries, to avoid making redundancies.

Last week Arabian Business reported that up to 20,000 Indian construction workers have been bulk-booked onto flights out of Dubai, either to return home on extended leave, or to be relocated to alternative projects in the Gulf.

as lay offs and redundancies are sweeping through the world economies,
Dubai will have or is having its fair share, but the double whammy will be felt due to the unique labor situation that they will have to leave the city, once they loose their jobs, reducing valued consumers and savings from the economy.
The real danger is not only in the financial and real estate sectors, but in all
others with the same severity. So the numbers of the above mentioned industries may only reflect a portion of the total job losses.

Captain Australia wrote:Cheers. Nice building to live in, except there is a dispute between the owners, the agents and the building maintenance people so the f*ckers wont fix my leaking toilet until the fees are paid. God, nothing is simple in this country.

Oh, and I'm renting a 1 bedroom. 120K but with nice view of the palm. As much as I wish goodwill towards those losing their jobs, I'm also hoping for a property collapse, just so I can get cheaper rent when I renew in June. Hit the floor baby!

Maybe giving this guy a call will help lower your rent?

I have a close up of your building at 6:45 in the following vid. Nice view Captain. Very nice view but theres a price to pay for it...my god. What business are you in?

http://www.youtube.com/watch?v=ccay0exl ... re=related

RobbyG wrote:Maybe giving this guy a call will help lower your rent?

I have a close up of your building at 6:45 in the following vid. Nice view Captain. Very nice view but theres a price to pay for it...my god. What business are you in?

http://www.youtube.com/watch?v=ccay0exl ... re=related

What a freaky video. The music is Mission-Impossible-esque and makes me consider the place as a secret lair or evil laboratory.

RBS will sack 20,000 ppl

RobbyG wrote:

Captain Australia wrote:Cheers. Nice building to live in, except there is a dispute between the owners, the agents and the building maintenance people so the f*ckers wont fix my leaking toilet until the fees are paid. God, nothing is simple in this country.

Oh, and I'm renting a 1 bedroom. 120K but with nice view of the palm. As much as I wish goodwill towards those losing their jobs, I'm also hoping for a property collapse, just so I can get cheaper rent when I renew in June. Hit the floor baby!

Maybe giving this guy a call will help lower your rent?

I have a close up of your building at 6:45 in the following vid. Nice view Captain. Very nice view but theres a price to pay for it...my god. What business are you in?

http://www.youtube.com/watch?v=ccay0exl ... re=related

RobbyG, I generally enojoy your posts but can't we stay on topic of this thread. You adviced other people to do the same in another thread.

K-Dog wrote:

RobbyG wrote:

Captain Australia wrote:Cheers. Nice building to live in, except there is a dispute between the owners, the agents and the building maintenance people so the f*ckers wont fix my leaking toilet until the fees are paid. God, nothing is simple in this country.

Oh, and I'm renting a 1 bedroom. 120K but with nice view of the palm. As much as I wish goodwill towards those losing their jobs, I'm also hoping for a property collapse, just so I can get cheaper rent when I renew in June. Hit the floor baby!

Maybe giving this guy a call will help lower your rent?

I have a close up of your building at 6:45 in the following vid. Nice view Captain. Very nice view but theres a price to pay for it...my god. What business are you in?

http://www.youtube.com/watch?v=ccay0exl ... re=related

RobbyG, I generally enojoy your posts but can't we stay on topic of this thread. You adviced other people to do the same in another thread.

Kay-Doggg, I'll do that next time.

Next time, you try to see the context of my 'other topic agumentation' before you try to become better friends with me

I have absolutely no reason to befriend you. We are all, well almost all, anonymous posters on this forum. I made a civilized comment. Take it or leave it, up to you. Don't get defensive.

K-Dog wrote:I have absolutely no reason to befriend you. We are all, well almost all, anonymous posters on this forum. I made a civilized comment. Take it or leave it, up to you. Don't get defensive.

You're not going to cry are you now?



ps; If I want to say a thing or two to Captain that relates to this topic, I'm not going to open another topic, nor let me be corrected by a clumsy rat that really happens to be a hamster